Yogi Berra coined the phrase, it looks like de'ja vu all over again. While Yogi was clearly no English teacher, he was a very astute observer. We could use some of Yogi's skills to look into the current government flap over the economy.
Probably the closest thing to the current situation would be the Great Depression. Just like today, there were government officials who thought it was a good idea to have the government go into default. Just like then, these government officials were either rich or bought and paid for by the rich.
For example, look at the role of President Hoover's Secretary of Treasury, Andrew Mellon. Mellon thought it would be a good thing if the economy would go right to the bottom. If the economy crashed, Mellon predicted "people will work harder, live a more moral life. Values will be adjusted and enterprising people will pick up the wrecks from less competent people. There were plenty of tycoons who had enough income from rents and bonds to weather a prolonged depression themselves, but found consolation in the hope that it would destroy the labor unions and bring back old times when a dollar a day was a white man's pay". Sound familiar? Rick people have always advocated for their own selfish interest. Whether it's Mellon in the 30's or the Kock brothers today -- they want to fuck over the poor and middle class. We've beat them before, and we will beat them again.
By the way, I have to thank my good buddy, Zyggy, for his research help. For you source freaks, check out page 945 of The Oxford History of the American People by Samuel Eliot Morison. I know you can probably find it somewhere on the Internet, but Zyggy was a great history teacher and he never threw out those old text books. Which puts him way ahead of all the politicians who never read them.
When I am King, I'll make Zyggy in charge of history lessons for all members of Congress. If they don't pass his class, they can't serve until they do. Maybe then we can cut down on all the de'ja vu all over again.